{"id":13157,"date":"2011-01-29T08:44:47","date_gmt":"2011-01-29T07:44:47","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/13157\/wti-crude-oil-price-surges-to-89-on-traders-buying-frenzy\/"},"modified":"2011-01-29T08:44:47","modified_gmt":"2011-01-29T07:44:47","slug":"wti-crude-oil-price-surges-to-89-on-traders-buying-frenzy","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/13157\/wti-crude-oil-price-surges-to-89-on-traders-buying-frenzy\/","title":{"rendered":"WTI crude oil price surges to $89 on traders buying frenzy"},"content":{"rendered":"

WTI oil futures end this week’s trading session back over $89 a barrel after oil traders and investors pile back into crude oil on a buying frenzy, with next week set to tick higher still.<\/p>\n

WTI Oil Futures \u2013 Closing Price<\/strong><\/p>\n

US Light crude oil futures for March 2011 delivery ended the week at $89.30 a barrel on the NYMEX, after several straight day’s of declines, but still $0.19 a barrel higher than last week\u2019s closing price of $89.11.<\/p>\n

WTI Oil Price Undervalued<\/strong><\/p>\n

In our article yesterday about the recent sell off in WTI oil futures WTI oil price suggests it’s undervalued<\/strong><\/a> WTI crude shot up four and a half percent, one of the biggest daily gains since the oil price spike in the summer of 2008.<\/p>\n

Egypt Tensions – Middle East Oil Supply<\/strong><\/p>\n

One of the main factors for WTI’s gain on Friday came out from unrest in Egypt, which could possibly affect Middle Eastern oil supplies.<\/p>\n

Recent unrest in Tunisia over rising food prices and high unemployment have also left many people Egypt feeling frustrated and resentful of their leadership.<\/p>\n

At least 26 people were killed and more than 1,100 hurt in Egypt yesterday as protesters and security forces clashed during an anti government “Day of Wrath”.<\/p>\n

Meanwhile, Egypt’s president Hosni Mubarak dismissed his government and said a new cabinet would be announced later on Saturday.<\/p>\n

View Egyptian Protests<\/a> in a larger map<\/small><\/p>\n

Egypt – No Internet, No Mobile Phones<\/strong><\/p>\n

Mubarak ordered his troops and tanks into major cities, expanded a night time curfew across the country and dropped a digital blanket of silence by having Egypt’s small number of Internet providers cut off all services after midnight on Thursday. Mobile phone services in Cairo also went dead.<\/p>\n

Somehow it look’s like the Egypt issue is far from over and oil prices are set to trade higher next week, with WTI now firm near $90 a barrel, and Brent oil futures primed to trade back over $100 a barrel for the first time since 2008.<\/p>\n

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